Thames Water Suspends Executive Bonuses Amid Outcry

Thames Water has suspended its executive bonus scheme, which would have given senior management up to £1 million each as part of a retention plan linked to a £3 billion emergency loan, after facing strong objections from UK ministers and public outcry. The company, serving 16 million customers, is heavily indebted and under scrutiny for pollution and rising bills. Environment Secretary Steve Reed called the bonuses 'outrageous' and accused Thames Water of trying to bypass upcoming regulations banning such payouts. The company will now await guidance from the regulator Ofwat before proceeding with any executive pay decisions. Thames Water’s chairman admitted to misstatements about creditor demands for the bonuses. The government is considering reforms to boost water sector oversight, and Ofwat is expected to soon gain new powers to block undeserved bonuses.